Business
Proton says will analyze VPN sign-ups to identify attacks on democracy
GENEVA, SWITZERLAND - Internet privacy company Proton announced Wednesday a new VPN Observatory, tracking demand for its services to detect attacks...
- Switzerland-based Proton said its new observatory would document spikes in sign-ups to its virtual private networks.
- VPNs provide a secure, encrypted connection over the internet between a user and a server, giving users greater anonymity.
Business
DIB H1 2023 net profit $844m
Profit driven by core revenues, effective cost management.
- Gross new underwriting and sukuk investments during H1 2023 reached US$12 billion compared to US$8.9 billion in H1 2022.
- Total income reached to US$2.5 billion compared to US$1.6 billion, a solid expansion of 49 percent year on year.
Business
Nissan Q1 net profit $750m
Results due to better sales in Japan, North America.
- Sales rose 37 percent to US$20.6 billion, even as tougher competition and a sluggish post-Covid recovery hurt its performance in China.
- The auto giant raised its annual net profit forecast to US$2.4 billion from its previous estimate of US$2.2 billion, boosted in part by cost-cutting.
Business
RAKBANK H1 profit $245m
This is the bank's highest-ever half-yearly profit.
- Net profit for the second quarter was AED 450.5 million, up 46.6 percent compared to Q2 2022.
- Net interest income and income from Islamic products net of distribution to depositors was AED 1.6 billion.
Business
ADCP partners with AP Moller
ADCP is a JV between Mubadala and Alpha Wave Global.
- AP Moller Capital focuses on, among other areas, opportunities in upper middle market infrastructure investments in sectors such as transportation and renewable energy.
- This venture reinforces ADCP’s commitment to the development of the institutional financial ecosystem from its headquarters at the ADGM, the firms said in a statement.
Business
Masdar, Iberdrola to invest in US$1.77bn German wind farm
The UAE's firm signed an agreement with Iberdrola to co-invest in the 476-megawatt Baltic Eagle offshore wind farm in the...
- Masdar's CEO Mohamed Jameel Al Ramahi and Iberdrola's Executive Chairman Ignacio Galan signed the deal
- For close to seven years now Masdar has revolutionized the clean energy sector in the UAE, and beyond
Business
L&T Construction secures orders in Saudi Arabia, Malaysia, India
Dubai, UAE - L&T Construction, part of Larsen & Toubro, has secured new orders in Saudi Arabia, Malaysia, and India.The...
- The company will construct a ±525kV High Voltage Direct Current (HVDC) transmission segment in Saudi Arabia
- In the Sarawak region of Malaysia, L&T Construction has won an order to establish a 275kV Substation
GM reports strong results
Profits jumped 52 percent to $2.6 billion .
- General Motors cited strong consumer demand, which has allowed for solid pricing while keeping incentives in check
- Profits jumped 52 percent to $2.6 billion on revenues of $44.7 billion, which were up 25 percent
Microsoft, Google beat profit expectations
Tech titans announced better-than-expected earnings.
- An earnings statement reported that net profit for Microsoft was $20.1 billion in the April to June period, up 20 percent year-on-year and above expectations
- Microsoft shares lifted off last week when the company said it would charge $30 extra per user to turbocharge its Microsoft 365 product with AI power
Business
Qatar Airways, British Airways, Iberia form new joint venture
Doha, Qatar -Qatar Airways, British Airways, and Iberia have come together to form a new joint venture In a move...
- With the addition of Iberia, the national carrier of Spain, to the existing BA-QR partnership, travelers can now enjoy enhanced worldwide connectivity
- Customers from the Middle East, Africa, Asia, and Australia will benefit from seamless travel to popular Spanish and Portuguese destination
Company News
Al Saqr names chairman of board
Business
Latest News
UAE ranks first in Arab world in labor-resilient countries, says report
Dubai, UAE - Against the backdrop of the World Economic Forum in Davos, Whiteshield announces the release of the Global Labor...
Business
Akasa Air orders 150 Boeing planes
Akasa Air will buy 737 MAX planes, which no Indian airline uses.
Business
Demand for lifestyle experiences in GCC has increased: SHG CEO
Dubai, UAE -- Sunset Hospitality Group (SHG) is more than just a collection of hotels, restaurants, and beach clubs. Renowned...
Business
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Economy
Qatar’s IPI declines by 1.5 percent in November 2023
DOHA, QATAR – The Industrial Production index (IPI) of Qatar in November 2023 reached 91.7 points which is a fall...
- The IPI, which is released by the Planning and Statistics Authority, is a short-term quantitative index that measures the growth of various industrial sectors in the economy.
- The relative weight of main economic sectors under this indicator include mining (82.46 percent), manufacturing (15.85 percent), electricity (1.16 percent), water (0.53 percent).
Business
EDGE Group, São Paulo government partner on public security initiative
Abu Dhabi, UAE -- EDGE, one of the world’s leading advanced technology and defense groups, has announced that it will...
- The partnership was announced during a high-level delegation visit by senior government members to EDGE Group headquarters in Abu Dhabi.
- The ‘Proof of Concept’ (PoC), with an initial phase of six months to validate the plan and facilitate adjustments, will have three strategic targets.
Business
Oman Investment Authority launches fund worth US$5.19 billion
Muscat, Oman--The Oman Investment Authority (OIA) has unveiled a new fund called “Future Fund Oman” valued at US$5.19 billion.The fund...
- The fund, according to Oman News Agency, has a capital of $5.19bn to be utilised over five years, with $1bn every year
- It will allocate 90 percent of its capital to invest in new or existing investment projects that prove to be economically viable